Search
Close this search box.

AMEX Broadens Offering to SMEs with Business Banking Account

Global
American Express, AMEX
SME, Transaction Banking

(16 June 2021 – Global) American Express is pushing deeper into traditional banking territory with the launch of its first checking account, leveraging technology developed by small business lender Kabbage.

American Express acquired Kabbage in August 2020 as part of a strategy to roll out a range of cash flows services to businesses.

Kabbage Checking, is a no-fee digital account that pays 1.1 percent interest on up to $100,000 in balances. It includes mobile check deposits, a debit card, bill pay and targeted savings features as well as access to a network of ATMs and retail locations for cash transactions.

Small business owners can apply online for an account in minutes, regardless of their business’s age or revenue.

“Small businesses should not have to sacrifice the features they expect from a bank in order to experience the benefits of an affordable business checking account,” says Gina Taylor Cotter, SVP of strategy and business operations at Kabbage. “Kabbage Checking is built to give small businesses the flexibility of mobile banking — from in-app account management to mobile check deposits — with the convenience of a traditional bank—including in-person cash deposits, free ATM access, and a compelling APY to directly support our customers’ growth.”

The latest move follows AMEX's use of Kabbage's underwriting software to begin offering credit lines of $1,000 to $150,000 to businesses.

Connect
with East

At East & Partners we work together as one firm to serve our clients wherever they need us.

Our collective knowledge and experience across globalĀ  markets helps us guide clients on the intricacies of each region while enabling cohesion across their global footprint. Apples with apples and pears with pears in complex and demanding financial services markets
globally.

Lookup
subscribe
This field is for validation purposes and should be left unchanged.